5 Ways an Accountant can Help Small Business owners

Global corporations usually have the luxury of having several accountants working at the same time to make sure that all the taxes are paid in time, to create potential for profit as well as to measure the results. Small companies, on the other hand, don’t need several accountants – one good accountant will suffice. Here’s how a good accountant can help your business boom:

1. Help you analyze your data

Your financial information is critical to your business, and you need someone who can actually interpret the data to you. Otherwise it’s just a useless pile of papers. If you’re not using and analyzing the information you have on your business you may be missing on huge opportunities.

2. Business plan

Many businesses fail because they don’t have a viable and watertight business plan. A good accountant can help your business get on the right track, and much more.

3. Pass a CRA audit

If you’ve ever been on an CRA audit, you know how stressful it can be. A CRA or tax audit is the procedure whereby the CRA inspects your financial records to see whether your documentation and filings are complete and accurate. An accountant is there to help you transform this otherwise nerve-wracking experience into a pure formality.

4. Financial systems and tax assessments

An accountant can ward off tax trouble and save you some money along the way. Many accountants are also competent and updated on how to use the latest accounting software, that helps create quick reports, and instant access to financial data.

5. Referrals and networking opportunities

Many accountants are reputable in their community and can provide businesses with valuable contacts. This can help your business grow in many ways, including selling or buying opportunities as well as potential partnerships.